The S&P/ASX 200 Index (INDEXASX: XJO) has seen another volatile session of trading today after experiencing heavy losses over the past two weeks as panic hit the market over coronavirus fears.
Pleasingly, however, the market is in positive territory today, recovering its losses in early morning trade to be currently up by 0.91% at the time of writing.
The ASX tech sector is seeing some strong gains across the board today as bargain hunters enter the market to pounce on compressed valuations.
With that in mind, here are two ASX tech shares that have displayed some strong share price gains so far today.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is up by 4.52% today to $14.09 after a massive 10.3% decline yesterday. Since the company reported its first-half results last month, WiseTech shares have crashed 52% lower. So, it is not surprising that bargain hunters are now entering the market at relatively cheap prices.
The company's position in the logistics industry, which has been heavily impacted by the slowdown of manufacturing and trade in China, has led to WiseTech's share price being hit so severely recently. US imports from Asia have been falling and container departures have slumped across Asia, particularly from China.
Despite the market turmoil, WiseTech remains the leading global developer and provider of software solutions to the logistics industry. The company also has a strong and entrenched position in the market, and I believe it is still well-positioned for growth prospects over the next five years.
Nearmap Ltd (ASX: NEA)
The Nearmap share price is shooting higher today, up by 9.6% at the time of writing, after posting a 14% fall in yesterday's ASX bloodbath.
Up until trading began today, Nearmap shares had shed 40% of its value in the current correction. So, similarly to WiseTech, a rebound in its share price today is not surprising.
Nearmap's recent troubles stem back further to late January when the company's share price took a one-day 30% hit in response to an earnings downgrade. However, on a more positive note, Nearmap's investments in sales and marketing in North America appear to be on track and are delivering results in the scalable part of its business.
On top of this, Australia remains a core part of the company's business and I believe that there is still a long-term growth runway here locally as well. Nearmap recently commented that it will look to other geographies in the future, possibly next year, however its current focus outside of Australia still remains very much in North America.
